The domestic currency experienced volatile intraday swings, trading between 94.69 and 95.03 before settling unchanged. While foreign institutional investors injected over ₹3,100 crore into domestic equities, dollar purchases rapidly rebounded by nearly 35 paise from the session low. Market participants highlighted that sustaining rallies remains difficult amid broader uncertainty in global crude oil projections.
Key points
Persistent dollar demand at lower price levels effectively erased the intraday gains achi…: Persistent dollar demand at lower price levels effectively erased the intraday gains achieved by the domestic unit.
Heightened volatility in energy markets continues to hinder the currency from sustaining…: Heightened volatility in energy markets continues to hinder the currency from sustaining any meaningful upward momentum.
Long-term crude supply concerns present ongoing downside risks for market sentiment despi…: Long-term crude supply concerns present ongoing downside risks for market sentiment despite short-term dips in oil prices.
Sources checked by our analysis pipeline: 1
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"The sharp recovery of nearly 35 paise from the day's low indicates renewed dollar demand at lower levels. The move also suggests that the rupee is facing resistance in sustaining its gains, with traders remaining cautious amid global dollar movements and crude oil price fluctuations," said Anil Bhansali, head of treasury, Finrex Treasury Advisors.
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The rupee traded between 95.03 and 94.69 on Monday. The dollar index was at 101.5, from 101.7 a day ago, while FPIs were net buyers of ₹3,114 crore in the local equities market, underpinning the rupee. Outlook on oil, however, remains one of scepticism. Goldman Sachs raised its oil price forecasts on Sunday due to elevated supply risks and said Brent could jump to $140 in 2027.
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Foreign portfolio investors injected 31.15 billion rupees into the market, driving benchmark indices to multi-week highs following a 1.7% surge in the prior session. Broader momentum is supported by Brent crude steadying near $105 a barrel after a sharp drop linked to diplomatic talks between Iran and Qatari mediators. However, elevated Middle East geopolitical risks and potential global technology weakness continue to pose volatility risks for domestic equities.
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